(Alliance News) - Vodafone Group PLC on Monday announced a number of structural changes, including removal of its Rest of World regional organisation.
Among the new changes is the appointment of Vivek Badrinath, current Rest of World chief executive, as CEO of Vodafone's new European tower business. Badrinath's appointment takes effect at the start of April 2020, with the tower business legally separated from Vodafone as a new organisation and becoming operational by May 2020.
Back in July, Vodafone announced a deal with INWIT SpA, the towers unit of fellow telecoms firm Telecom Italia. Under the deal, Vodafone would combine its Italian tower portfolio with INWIT for EUR2.1 billion in cash plus a 37.5% stake in the combined business. At present, this combined company is referred to by Vodafone as TowerCo.
Further, Vodafone will "simplify its management structure" by removing its Rest of World regional organisation entirely, starting in its financial year ending March 2021.
Also under this reorganisation, Shameel Joosub, CEO of South Africa-based Vodacom Group Ltd, will join Vodafone group's executive committee with effect from April 2020.
Group CEO Nick Read said: "I look forward to welcoming Shameel to Vodafone's executive committee. This appointment will streamline the management of our businesses and reflects the significance of Vodacom within the group. Shameel has led our African operations through a period of sustained growth and he will be an excellent addition to our senior team."
Shares in Vodafone were down 0.6% at 157.60 pence in London on Monday morning. Vodacom shares were down 0.4% in Johannesburg at ZAR133.12.
By Anna Farley; annafarley@alliancenews.com
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